enRICHed: volume 93
goodbye brat summer, hello demure fall
Sunday August 25, 2024
Volume 93
Hey besties!
I love when I get to hang out with you all IRL, and this week, I had a book signing at The Strand in NYC! It was so great seeing all the BFFs who came out, signing copies of Rich AF, and answering some ah-mazing questions. It can be easy to forget about the people behind the screen outside of usernames and numbers but getting to see my besties in person just makes it all feel so much more real. One bestie in particular, shared an incredible story about how once they learned more about personal finance and investing, they were able to secure a 6 figure job, pay off 65k in debt and purchase a car and home! I was blown away that my videos could have had such an impact on someone’s life. Everyone deserves to know and feel empowered by their money to be able to make the right choices for them! As long as you guys stick around, I’ll be shouting this information from the rooftops.
As a reminder:
HYCU, pronounced haiku: how the news impacts you and your wallet, aka How You Can Use
The Prosperitea: think discount codes, non-boring finance articles, sales, and personal links from the week. The fun stuff 😉
We love your comments, but please remember to keep it positive! And don’t take investing advice from anyone who isn’t your registered financial advisor!
Now that you’re up to speed, let’s get you enRICHed.
Shein Gets Caught… Again
BBC reported on Friday that fast fashion giant Shein found two cases of child labor in its supply chain last year, and announced that it would be tightening scrutiny of its factories.
In its 2023 sustainability report, Shein acknowledged the use of child labor in their manufacturing process, and said that they terminated contracts with underage employees, paid any outstanding wages, arranged medical checkups, and facilitated repatriation to parents/legal guardians.
The company also claims it temporarily suspended orders from the suppliers involved until they stepped up efforts to tackle the issue.
HYCU; Of course, Shein wasn’t visited by the ghost of Christmas past and suddenly inspired to become a better company—they’re planning to IPO aka start selling shares publicly, and this has been a longstanding criticism of their company, so yeah, they’re trying to get ahead of it so they look better. This is a PR makeover! It’s also important to know that they are investigating themselves, which is like trying to do your own prostate exam…like, how are you doing that right? If you like shopping with Shein or other fast fashion companies, approach these reports with caution, and dig into the implications of the clothes you’re buying. We support smart purchasing decisions in this household!
New Pap Smear Update Just Dropped
Speaking of genital examinations, US pharma companies are rolling out a new method for cervical cancer screening, swapping out the traditional pap smear for a self-collection test done with a simple cotton swab.
This technology has already been implemented in countries like Australia, Denmark, the Netherlands, and Sweden, who have gradually introduced self-sampling for cervical cancer screening in recent years, but now, the US is playing catch-up.
HYCU; No more cold speculums—anyone who needs a pap smear can get this more comfortable, less invasive version starting this fall! They’re even testing an at-home version where you mail it into a lab. This method is still under F.D.A. review in the US, and could gain approval by early next year. Because this is a new procedure, it’s not clear what insurance will cover it yet, but if this sounds interesting to you, check with your provider to see if it’ll be included in your plan.
What Does “We’re Comfortable” Look Like?
New data from Charles Schwab is showing what Americans think it takes to achieve that fluid definition of “financially comfortable”—and of course, the number changes wildly depending on where you live.
Only 16% of people in San Francisco feel “on top of their finances,” according to the study, with a majority of residents citing a high cost of living and elevated housing prices as obstacles to meeting their financial goals.
Southern Californians in Los Angeles and San Diego estimate a $1.4 million net worth could buy them a comfortable lifestyle, while New Yorkers averaged out to around $994,000. In Phoenix, respondents said they’d want a $650,000 net worth in order to feel like they’re not struggling with money.
HYCU; You’re so not alone in feeling the pressure of your finances! The report said that much of the difference in net worth thresholds between cities is due to housing costs, especially in cities with severe inventory shortages (looking at you, San Francisco, Los Angeles and NYC). This data is really a temperature check on how people are actually feeling about what they need in order to feel okay about their money, and as we expected, it’s a lot to even feel comfortable, let alone rich. Use this as a conversational point to chat with close friends about what you’re spending on housing—you may just be able to learn a few tips and tricks on finding a better place, or negotiating more effectively with your landlord.
Commonly asked question: Michele asks, “I am wondering what is your view on closing cards with high annual fees? I have nice fat amex plat with a high limit but I cannot take that $700 annual fee that is getting ready to come around again and I know my credit score is going to take a hit.”
Hi Michele! Having a high annual fee for a credit card can definitely be an extra expense that you might want to get rid of, especially if you are not getting your money’s worth from the benefits. Two tips for you:
If you love and use the card and are just annoyed by the annual fee you can try calling and asking them to waive it for this year as a one time courtesy. Just say that you don’t feel like you’re getting the value you need out of it and threaten to cancel (don’t actually cancel). They’ll often offer you a retention bonus in the form of a waived annual fee or free points which could be worth your while.
Alternatively, if you are actually not getting the value you need out of the card, STILL do not cancel this card! The big concern here is if it’s your oldest line of credit - your credit history could be meaningfully shortened, dinging your credit score. Instead, just call your bank and request to downgrade to a no fee credit card (in your case - something like the Amex Blue Cash Everyday Card). This is something that will cost you $0 and will save your credit score from taking a hit. If you don’t plan on using that card much going forward, you can also just put a once a month subscription charge on it (think Netflix, Spotify, or Amazon Prime membership), to keep your credit history long and strong!
Want to be featured in our Question Bank section?
Rich Tip of the Week: Here’s how to build a content EMPIRE!
This Olympic gold medalist went from a $200,000 sponsorship to a $12 per hour internship?!
They gave the new Starbucks CEO a private jet so he can commute from California to Seattle for work…
The Caitlin Clark standom is still growing stronger, and the WNBA is still booming in views. We love to see it.
I recently discovered that some NFL rookies have to go through hazing rituals - here is an adorably wholesome one. Who knew they were hosting an annual talent show!
SEE YOU IN THE COMMENTS BESTIES
This was good, I started following from one of your short form videos, I don't know which one, but glad I did, I don't live in the US, that's a good thing for me atleast, I don't have any debts nor my parents, I'm in university now, my parents pay for it monthly, no student loans in site, is it a US thing for people to have so much debt or is it that people can't afford anything.
Love this!